Park Lane

20620 114th Avenue, Maple Ridge

SOLD $2,050,000

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Price$2,195,000

Units16

Year built1975

Lot size240' x 120'

ZoningRM-2

Price/unit$137,187

Cap rate6.5%

GIM12.2

PID011-525-401

Legal descriptionLot 686, DL 278, Group 1 NWD, Plan 114

Sale price$2,050,000

Sale date01/01/2006

Overview

Park Lane is a rarely available 16 unit two-level townhouse complex in excellent condition located in Maple Ridge. The units are self contained and have been completely renovated. Features ample parking, private garden/patios and many professional tenants. Great cash flow. Significant upside upon turnover. Easy to manage.

Location

The subject property is located in a strong residential area of Maple Ridge, just steps away from parks and tennis courts, and 2 blocks east of Maple Ridge Golf Centre. There are four schools in the vicinity that have drawn families to Park Lane, particularity the French emersion school. Close to Albian Ferry.

Improvements

Park Lane is improved with 16 self contained 3 bedrooms townhouse units clad in aluminum of approx. 1000 sq. ft. each. Each unit has one bathroom and powder room, large private fenced back yard and patio. The complex has been completely renovated to cater to middle-high income tenants, which is unique to the area. Many surrounding homes have been recently purchased and upgraded.

Recent Upgrades

– 15 units have new fridges/stoves (unit 11382 has her own set)
– 6 units have dishwashers
– Each unit has washer & dryer (11 owned by the building)
– 14 units have newer carpets and countertops replaced
– 16 units have newer laminated flooring
– exterior/interior professionally repainted
– 4 pitch roofs were installed for architectural effect
– back yard fencing recently completed-tenants do there own landscaping
– 16 front doors replaced, new hardware & locks
– 13 units have powder room upgrades
– front & rear light fixtures replaced
– banisters custom made and installed
– parking lot was repaired & sloped for better drainage
– 60 amp aluminum wiring
– many bathrooms, kitchens have been redone.

Show less

	No. units	Average size
2 Bedroom T/H	No. units16	Average size1,000 sq. ft.

Financials

Financing	Treat as clear title.
Assessment 2005	Land Building Total	Land$410,000 Building$562,000 Total$972,000
Taxes 2005	$10,803.72
Income and expenses	Gross income Less Vacancy 1.5% Effective gross Operating expenses Net operating income	Gross income$179,640 Vacancy(2,695) Effective gross$176,946 Operating expenses(35,226) Net operating income$141,720
Notes	Income annualized as of October 1, 2005. For rent roll and statement, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.